Nigeria’s Public Debt Hits ₦159.28 Trillion: Every Nigerian Now Owes ₦724,000

Nigeria’s Public Debt Hits ₦159.28 Trillion: Every Nigerian Now Owes ₦724,000

Nigeria’s total public debt has climbed to *₦159.28 trillion*, pushing the debt per capita to roughly *₦724,000 for every Nigerian*. The latest figure reflects the country’s rising borrowing to fund infrastructure, budget deficits, and debt servicing.

While the headline number looks huge, public debt covers both external and domestic borrowing by the Federal Government, 36 states, and the FCT. It includes:

Treasury bills, FGN bonds, and other local instruments
Loans from World Bank, IMF, AfDB, Eurobonds, and bilateral partners
Ways & Means advances and other government obligations

At ₦159.28 trillion, the debt load averages ₦724,000 per citizen using Nigeria’s estimated 220 million population.

Budget deficits: Annual spending continues to exceed revenue, especially with the ₦68.32 trillion 2026 budget just signed.
Infrastructure push: Capital projects in power, roads, and rail are largely debt-financed.
Debt service costs: ₦15.8 trillion is earmarked for debt service in 2026 alone — borrowing to pay old debt.
Naira devaluation: Dollar loans become more expensive in naira terms when the currency weakens.

Debt per capita is a quick way to show scale, but it doesn’t mean each citizen gets a bill. Repayment comes from government revenue — oil sales, taxes, customs, and other income. The real issue is debt sustainability: can Nigeria generate enough revenue to service debt without cutting essential spending?

Key metrics investors watch: *debt-to-GDP ratio* and *debt service-to-revenue ratio*. With debt service taking over 70% of FG revenue in recent years, pressure remains high.

To ease the burden, Nigeria needs to:

Boost revenue: Expand the tax net, curb oil theft, and grow non-oil exports
Cut waste :Ensure borrowed funds go into projects with real economic returns
Restructure debt: Seek longer tenors and lower rates where possible
Grow the economy: GDP growth reduces the debt-to-GDP ratio even if debt rises

At ₦159.28 trillion, Nigeria’s debt is the highest in its history. The ₦724,000 per person figure shows the weight of borrowing on future generations. Smart spending, stronger revenue, and real growth are the only ways to make the debt load sustainable.

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